Today, we decided to present you with a brief overview of CROBEX constituents’ free float as all constituents published their FY results.
In our analysis we considered free float to equal all individual shareholdings lower than 5%, while pension funds and UCITS funds were considered as free float regardless of their shareholding percentage.
In our analysis we considered free float to equal all individual shareholdings lower than 5%, while pension funds and UCITS funds were considered as free float regardless of their shareholding percentage.
Source: ZSE, InterCapital Research
9 CROBEX constituents have a free float higher than 50%, indicating that 50% of CROBEX constituents are still held by a small group of majority shareholders. Of the constituents, two companies have a free float of over 90% – Ingra with a free float of 93.6% and Adris (preferred) with a 91.5% free float.
On the other hand, only ZABA has less than 10% of free float. ZABA has a free float of 3.8% and is almost completely owned by Unicredit 84.48% and Allianz 11.72%. ZABA is followed by FTB Turizam and Plava Laguna with a free float of 13.6% and 15.8%, respectively.
The prime market is the most demanding market on the Zagreb Stock Exchange regarding the requirements set before the issuer. It is worth noting that it requires the issuer to have a free float of at least 35%. If we were to compare CROBEX to that parameter, a few of the constituents would not meet the criteria (ZABA, FTB Turizam, Plava Laguna, Brodogradilište Viktor Lenac, HPB and Jadroplov).
If we were to calculate the free float of CROBEX constituents while excluding pension funds, the results would be slightly different for some, but significantly different for the majority of companies.
